Gold Gains Ahead of Critical Crimea Secession Vote

Silver climbed and mining stocks mostly advanced

Gold rose modestly in Friday trading amid increasingly heated rhetoric between Russia and Western nations over the situation in Ukraine. The metal ended the week up 3%.

The disputed Crimea region — currently occupied by Russian troops — is scheduled to hold a referendum on Sunday that could lead to the peninsula breaking away from Ukraine to join Russia. U.S. and European leaders have called the vote illegal and are threatening to impose economic sanctions on Moscow if it goes through with the vote. Russia has responded by moving more troops along its border with Ukraine. High-level talks between U.S. and Russian diplomats have so far failed to resolve the issue.

Gold futures for April delivery climbed 0.5% to $1,379 per ounce on Friday, according to CME Group. Gold traded as high as $1,388.40 and as low as $1,368.20. Bullion closed in London at $1,383, according to BullionVault.

Silver futures for May delivery gained 1% to $21.41 per ounce. Friday’s high for silver was $21.80, while the low was $21.14.